Integrating ESG Сriteria into Dynamic Methods for Performance Evaluation of Corporate Investment Projects
企業投資プロジェクトのパフォーマンス評価における動的手法へのESG基準の統合 (AI 翻訳)
P. Stetsiuk
🤖 gxceed AI 要約
日本語
本論文は、企業投資プロジェクトの評価にESG基準を統合する理論的・実践的側面を考察する。従来のNPVやIRRなどの動的手法はESGリスクを十分に考慮できないと指摘し、ESG持続可能性に応じた割引率調整やキャッシュフロー修正を提案する。持続可能な金融への適応を目的とする。
English
This paper explores integrating ESG criteria into dynamic investment project evaluation methods. It argues traditional NPV and IRR fail to capture ESG risks and proposes a dynamic ESG discounting model with adjusted cash flows. The framework aims to improve long-term project valuation for sustainable finance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文は、ESGを投資判断に組み込む具体的な枠組みを提示しており、日本のSSBJや統合報告書における非財務情報の活用に示唆を与える。企業の資本コスト低減や長期的価値創造にも関連する。
In the global GX context
This paper offers a practical framework for integrating ESG into project valuation, relevant for global standards like TCFD and ISSB. It supports transition finance by linking ESG performance to discount rates and cash flow adjustments.
👥 読者別の含意
🔬研究者:Provides a theoretical model for incorporating ESG risk premiums and opportunities into discounted cash flow analysis.
🏢実務担当者:Offers a method to adjust project appraisals for ESG factors, aiding capital allocation and reporting.
🏛政策担当者:Supports development of guidelines for ESG-integrated investment evaluation in sustainable finance frameworks.
📄 Abstract（原文）
The article highlights theoretical and practical aspects of integrating ESG criteria into dynamic methods for performance evaluation of corporate investment projects. Conceptualization of ESG (Environmental, Social, Governance) within the scope of investment project analysis reflects a shift of the fundamental paradigm from traditional shareholder value maximization toward a model of sustainable development and inclusive capitalism. In both academic and practical discourses, ESG criteria are viewed not as secondary ethical components, but as endogenous factors for risk assessment and long-term project viability. The integration of these non-financial indicators into the investment decision-making process enables the identification of latent vulnerabilities related to climate change, social shifts, and regulatory transformations. It is substantiated that traditional financial indicators, including net present value (NPV), internal rate of return (IRR), profitability index (PI), and discounted payback period (DPP), no longer provide a reasonably comprehensive evaluation in the context of sustainable development and responsible investment. A review of advanced theoretical approaches to incorporating environmental, social, and governance factors into investment analysis was made. The key limitations of classical dynamic evaluation methods related to insufficient consideration of long-term ESG risks, non-financial effects, and changes in the cost of capital were identified. A model of dynamic ESG discounting based on differentiated adjustment of the discount rate depending on the ESG sustainability level of a project is proposed. An approach to adjusting projected cash flows considering ESG-related risks and opportunities, as well as a system of ESG sensitivity indicators for NPV and IRR was developed. The practical significance of the research lies in improving the accuracy of long-term investment project evaluation and adapting financial analysis to the requirements of sustainable finance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.31767/nasoa.2-2026.17first seen 2026-06-26 05:49:26
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